The following transactions and events occurred

Assignment Help Accounting Basics

Reference no: EM131012620

On January 1, 2014, Hammond Inc. had the following shareholders' equity balances.

Common Stock, no-par value (1,000,000 shares issued)	$3,000,000
Common Stock Dividends Distributable	400,000
Retained Earnings	1,200,000

During 2014, the following transactions and events occurred.


1.	Issued 100,000 shares of common stock as a result of a 10% stock dividend declared on December 15, 2013.

2.	Issued 60,000 shares of common stock for cash at $5 per share.

3.	Corrected an error that had understated the net income for 2012 by $140,000.

4.	Declared and paid a cash dividend of $300,000.

5.	Earned net income of $600,000.

Instructions:

Prepare the stockholders' equity section of the balance sheet at December 31, 2014.

Total stockholders' equity $5,340,000

Reference no: EM131012620

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